Polish equity market closed slightly higher on Monday. The broad market measure, the WIG Index, added 1.18%. Sector performance within the WIG Index was mixed. Oil and gas sector (+1.66%) outperformed, while utilities (-0.98%) lagged behind.
The large-cap stocks’ measure, the WIG30 Index, slipped 0.1%. Within the index components, clothing retailer LPP (WSE: LPP) led the gainers, jumping by 2.91%. It was followed by oil refiner PKN ORLEN (WSE: PKN), gaining 2.88%, supported by an analyst price target increase. Other major advancers were bank MBANK (WSE: MBK), agricultural producer KERNEL (WSE: KER) and two chemical producers GRUPA AZOTY (WSE: ATT) and SYNTHOS (WSE: SNS), growing between 1.5% and 2.29%. At the same time, the session’s largest losers were FMCG-wholesaler EUROCASH (WSE: EUR) and two banking sector names ALIOR (WSE: ALR) and MILLENNIUM (WSE: MIL), losing between 1.95% and 2.74%. Utilities names ENEA (WSE: ENA), ENERGA (WSE: ENG) and PGE (WSE: PGE) were also beaten down heavily (the stocks tumble by 1.25%-1.76%), as the Poland’s Energy Minister Krzystof Tchorzewski stated it was a mistake that country listed its state-run electric utilities, adding the main goal of these companies is providing energy security to Poland and not generating profits.